Orsero — Investor Presentation 2020

Nov 12, 2020

12 November 2020

9M 2020 RESULTS *

Agenda

2

•	GROUP OVERVIEW	Pag. 3
•	KEY FINANCIALS 9M 2020	Pag. 8
•	OUTLOOK	Pag. 14
•	APPENDIX	Pag. 19

DISCLAIMER

This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company.

The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy.

This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of additional parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein.

The information and/or the assessments contained herein have not been subjected to verification by independent experts, and are subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate.

No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financial and equity results of the Company.

To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do not make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any errors, omissions, inaccuracies or negligence herein.

This Document is provided merely for information and indicative purposes and does not constitute in any way a proposal to enter into any contract nor a public offering of financial products, nor advice or a recommendation to buy or sell any financial products.

You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company.

Figures and numbers included in this document are rounded.

The Manager in charge of preparing the corporate accounting documents of Orsero S.p.A., Mr. Giacomo Ricca certifies, pursuant to art. 154-bis, paragraph 2, of Legislative Decree 58/98 that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.

GROUP OVERVIEW

Our Group, at a glance

WE BRING THE WORLD CLOSER, EVERY DAY.

Around the world, our Group is seen as a symbol of Italian excellence, tenacity and success. We're known for delicious fruit and vegetable products, as well as our authenticity and integrity.

Business model

5

FROM ALL FOUR CORNERS OF THE PLANET TO YOUR TABLE, IN EVERY SEASON.

The world has changed since we first started working in the fresh fruit and veg section, but one essential principle has remained the same for us. Our unerring focus on quality. We now manage and monitor the entire value chain, allowing us to achieve excellence and ensure safety and security at every stage and thus maintain the freshness and quality of our products.

Main Milestones from 1940 to Date

Governance & Shareholders' structure

GRUPO FERNANDEZ S.A. 6,3%

(**)

PRAUDE ASSET MANAGEMENT LTD. 9,5%

PAOLO PRUDENZIATI Chairman

RAFFAELLA ORSERO Deputy Chair and CEO

CFO & Co-CEO

MATTEO COLOMBINI

Analyst coverage

GLOBAL PORTFOLIO INVESTMENTS S.L. 5,7%

BANCA AKROS	Andrea Bonfà
INTESA SANPAOLO – IMI CIB	Gabriele Berti
CFO SIM	Luca Arena
EQUITA SIM	Emanuele Gallazzi

FIRST CAPITAL S.P.A. 5,1%

TREASURY SHARES 0,7%

The Board of Directors (term 2020-2022) consists of 9 people, 7 elected from the majority list and 2 from the minority one.

In accordance with the Italian Corporate Governance Code, the independent directors' quota ( 5 out 9 members) and the gender balance (3 out 9 members) are fully respected.

Within the BoD are constituted the following committees, composed of independent or nonexecutive directors:

• Remuneration and Nominations committee
• Control and Risks committee
• Related parties committee

(*) Last update October 31,2020. Total shares 17.682.500. Treasury shares 127.314. (**) FIF Holding SPA and Grupo Fernández S.A. are bounded by a shareholder agreement.

KEY FINANCIALS 9M 2020*

9M 2020 RESULTS – OUTSTANDING ACHIVEMENTS DESPITE HARDSHIP

• COVID-19 | Business Continuity

• Granted the health and safety of employees though safety protocols : PPE, social distancing, thermal screening, barriers, sanitizations (gross costs related safety protocols are abt. 0,8 M€ through Sept. 2020)
• Procurement, maritime shipping and distribution chains are fully operational
• Adaptive approach, in particular in the very first and chaotic phases,
• Kept a strong customer service despite lockdown limitations and constraints CORPORATE

• Economic and Financial Actions

• Prioritizing organic investments, postponing to 2021 uncommitted and discretional capex
• Focus on working capital management to protect liquidity and financial flexibility
• Opex containment is led by reduced travel expenses and advertising costs

• Product mix

• Good sales, particularly in the Group's key markets (IT,SP,FR)
• Volumes are all in all flat but price effect is positive
• Key basic produce such as Kiwi, Citrus and apple/pears have overperformed last year results
• Significant headwind on some high-end product(e.g. Pineapples , Avocados and Fresh-cut fruit) whose consumption is more linked to out-of-home or special purpose (Easter/Christmas eve, sports event)

BUSINESS

• Bananas at the import stage are still troubled as a consequence of global oversupply and subdued demand

• Sales Channels and Geographical scope

• Orsero's operations are adapting to volatility in market demand:
• ➢ in the first part of the emergency, sales promptly shifted from wholesale channel to supermarkets (as a consequence of almost reduced to zero out-of-home/food service consumptions )
• ➢ after the relaxing of lockdown, sales mix rebalanced but YTD supermarkets gained some market shares

Segment Reporting Reshuffle

From Jan. 1st , 2020, Orsero adopted a renewed segment reporting scheme. The main effect is the shift of import business from Import & Shipping, now renamed Shipping, to Distribution BU, now renamed Import & Distribution. Historical data (2015-2018) have not been restated. See details in annex.

Executive summary

M€	9M 2020	9M 2019	Total Change
			Amount	%
Net Sales	788,7	748,3	40,5	5,4%
Adjusted EBITDA	39,2	28,2	11,0	38,9%
Adjusted EBITDA Margin	5,0%		3,8%+120 Bps.
Adjusted EBIT	20,1	9,6		10,6 110,3%
Adjusted Net Profit	13,3	3,6		9,7 269,9%
Non-recurring items (net of tax)	( 1,4)	( 2,7)	ns	ns
Net Profit	11,9	0,9		11,0 1258,7%
Adjusted EBITDA excl. IFRS 16(*)	33,2	21,3	11,9	56,2%
M€	9M 2020	FY 2019	Total Change Amount
Net Invested Capital	275,3	277,8
Total Equity	160,6	150,9
Net Financial Position	114,7	126,9
NFP/Adj.EBITDA Ratio(*)	2,3	3,3
Net Financial Position excl. IFRS 16(**)	85,2	66,9
NFP/Adj.EBITDA Ratio excl. IFRS16(*)	2,1	2,3

• Net sales 9M 2020 grow to 788,7 M€, +40,5 M€ or +5,4% vs 9M 2019 (+4,2% at constant perimeter)
• Adjusted EBITDA is up by 38,9% or +11 M€ , to 39,2 M€ compared to 28,2 M€ same period LY
• Better margins across all operating BU
• Adj. EBITDA excl. IFRS 16 is 33,2 M€, up by 11,9 M€/+56,2%
• Adjusted EBITDA margin stands at ~ 5%, (+120 bps.)
• Adjusted EBIT doubles to abt. 20,1 M€, as a consequence of improved operating performances
• Adjusted Net profit stands at 13,3 M€ vs 3,6 M€ of LY
• Total Equity is equal to ~161 M€
• Net Financial Position Excl. IFRS 16(**) is 85,2 M€ (Net Debt) or 114,7 M€ including IFRS 16 liabilities

(*) For the purpose of this ration the Adj. EBITDA figure is Trailing Twelve Months September

(**) Data excluding the effect of IFRS 16 adoption, consisting chiefly in the recognition of incremental Adjusted Ebitda of abt. 6 M€ in 9M 2020 and abt. 7 M€ in 9M 2019 and incremental NFP of 29,5 M€ in 9M 2020 and 60 M€ in FY 2019

Import & Distribution

Service/holding

Shipping

11

Net Sales and Adj. Ebitda 9M 2020

Net sales 9M 2020 are close to 789 M€, up by abt. 40 M€ or + 5,4% including M&A(*)/+4,2% like for like

• Import & Distribution is up abt. 5,6%, including M&A(*) /+4,2% like-for like
• ‣ Excellent sales momentum across all European markets
• ‣ Declining sales in Mexican avocado and Banana/Pineapples Import
• Shipping improves by 9%,
• ‣ The implementation of IMO 2020 regulations and the consequent deployment of a more refined and costly bunker fuel (0.5% sulphur content) drove the increase of freight rate until April
• Service/Holding sales decline slightly mainly due to the intercompany reallocation of brand royalties
• Inter-segment eliminations are 3,3 M€ higher than last year

(*) Pro-rata revenues of companies acquired , net of I/co eliminations.

Adjusted EBITDA 9M 2020 is 39,2 M€, up by 11 M€ , or 5% on sales vs 3,8% LY:

• Import & Distribution improves by 7,9 M€:
• ‣ Outstanding performance of distribution operations in Italy, good improvements in Spain and strong recovery in France; still subdued margins of banana/pineapples at import stage and Mexican export of avocados
• Shipping confirms incremental returns and improves by 4,0 M€ :
• ‣ better freight rate, volume stable and good load factor (93%)
• ‣ Efficiency due to the sailing schedule implemented in 2019 (5 vessels instead of 4, 35 days for the round trip instead of 28 days)
• Service/Holding is down by 0,8 M€ due to lower intercompany rebilling

Adjusted EBITDA excl. IFRS16(**) 9M 2020 is equal to 33,2 M€ vs 21,3 M€, or 4,2% on sales vs 2,8% LY

(**) Data excluding the effect of IFRS 16 adoption, consisting chiefly in the recognition of incremental Adjusted Ebitda of abt. 6 M€ in 9M 2020 and abt. 7 M€ in 9M 2019 and incremental NFP of 29,5 M€ in 9M 2020 and 60 M€ in FY 2019

Consolidated NET PROFIT

• Adjusted Net Profit 9M 2020, excluding the non recurring impact and their tax effect, is abt. 13,3 M€,
• Total increase is 9,7 M€ vs last year, chiefly due to higher operating margin balanced by higher D&A while financial items have a positive variance primarily due to positive effect on exchange rate of 1,14 M€ and better share of profit of JV/associated of 0,7 M€
• Non-recurring adjustments 9M 2020 equal to a loss of -1,4 M€, net of estimated tax,
• the amount consists of several items: Covid-19 related expenses, employee and litigations costs, positive accounting effect from IFRS 3 "step acquisition" related to Moncada acquisition, a one-off insurance fee to cover a long-time custom duties litigation.
• Net Profit 9M 2020 improved to 11,9 M€ versus 0,9 M€ in 9M 2019

Consolidated NET EQUITY and NFP

NFP EXCL. IFRS 16 VARIANCE - ILLUSTRATIVE (M€)

COMMERCIAL NWC - SEASONAL EVOLUTION (M€)

• Total Shareholders' Equity is 160,6 M€:

• Net profit of the period contributes of circa 11,9 M€
• Other equity effects accounts for a negative impact of 2,2 M€:
• ‣ Main items: -0,7 M€ of share buy back, +1 M€ own shares transaction (Moncada), -0,5 M€ MTM change of hedging instruments, -1,8 M€ of forex on net equity of non-Euro subsidiaries
• In May 2020 was paid a dividend through the assignment of total of 246.298 treasury shares (ratio 1/69), with no effect on cash and Net Equity
• In Sep. 2020 176.825 own shares ( worth 1 M€ ) were assigned to Moncada Family as consideration for the acquisition of remaining 50% of Moncada Frutta.
• The Group NFP excl. IFRS 16, is abt. 85,2 M€, or 114,7 M€ with IFRS 16:
• Positive cash flow generation, abt. 29 M€
• Commercial net working capital absorbed 16,5 M€,
  • ‣ Due to sales growth and seasonal NWC swing (the absorption is mainly in Q1 with expected release at the end of Q4)
• Operating Cash Capex (*) are 12,4 M€, for investments in core activities
  • ‣ 4,3 M€ due to the refurbishment/enlargement of Verona warehouse
  • ‣ 2,7 M€ of dry docking on 1 vessels and ballast water treatment equipment on all 4 vessels
  • ‣ 1,6 M€ mainly related to the implementation of a new ERP system
• 17,8 M€ (included taxes) for the purchase of 4 instrumental properties in Italy (previously leased and used as warehouse/logistic platform).

• Liabilities related to IFRS 16 are equal to abt. 29,5 M€

‣ IFRS 16 liabilities as of Dec. 2019 were 60 M€, the reduction is due to the instrumental properties deal: the «right-of-use» and «debt» related to the leases of the acquired asset was abt. 27,5 M€ against an actual outlay of 17,8 M€. See detail in annex.

(*)Noncash capex excluded from variance analysis: incremental IFRS 16 right-of-use equal to 2,1 M€ and goodwill increase of 1,6 M€ .

(**) 2017 Pro forma data reflect all the effects of the acquisition carried on during the year 2017. Limited to this purpose, the acquired companies have been assumed fully controlled from Jan. 1,2017.

HISTORICAL TREND AND OUTLOOK

Total Net Sales and Adj. Ebitda trend

• Steady Sales growth over the last 3 years

• Total growth +13,7% Cagr 2016-2019
• like-for like growth +3,1% on average (2017 proforma 2019)
• Very positive trend in 2020
• Total growth +5,4%
• like-for like growth +4,2%

• Robust Adj. Ebitda margin

• 3,5% on average (2017 proforma 2019)
• 9,8 M€ of positive IFRS 16 effect in 2019
• Outstanding Adj. Ebitda result 9M 2020

(*) 2017 Pro forma data take into account all the effects of the acquisition carried on during the year 2017. Limited to this purpose, the acquired companies have been assumed fully controlled from Jan. 1,2017.

Actual 9M 2020 and Guidance 2020 - Confirmed

	ACTUAL 9M 2020	GUIDANCE FY 2020	ACTUAL FY 2019
Net Sales	788,7	1.030/1.050 M€	1.006
% chg. vs previus period	+5,4%	+2,4%/+4,4%
Adj. EBITDA excl. IFRS 16	33,2	37,5/39,5 M€	28,9
% chg. vs previus period	+56,2%	+30%/+37%
Adj. EBITDA	39,2	44,5/46,5 M€	38,7
% chg. vs previus period	+38,9%	+15%/+20%
NFP excl. IFRS 16	85,2	70/ 75 M€	66,9 M€
NFP Reported	114,7	100/105 M€	126,9 M€

• Actual 9M 2020 P&L Results are slightly better than expected at this stage of the year thanks to an exceptional Q3
• Q4 will cope with a volatile and challenging business conditions due to Covid-19 2nd wave
• FY Guidance is confirmed, aiming at reaching the highest end of the range

INVESTMENT CASE ORSERO

• ✓ Southern Europe Leader in Import and Distribution of fresh fruit & vegetables (F&V) |+1 Bln. € of Net Sales FY2019
• ✓ Sector Top-tier Ebitda Margin | 3,8% Adj. Ebitda Margin FY2019
• ✓ Sound Financial Structure | Strong Cash Conversion | Since listing in 2017 constant dividend distribution
• ✓ Top Management balances sector-specific insights with businesswise competencies as human dimension is crucial in F&V sector
• ✓ +1.500 expert and passionate people at work globally
• ✓ Long-standing, collaborative partnership with +1.500 growers all over the world and +10.000 customers in Europe
• ✓ Wide and complete product range (+300 Products)|Distinguished positioning in counter season and exotic fruits| Proprietary brand "F.lli Orsero" for top quality produce
• ✓ Capillary and multichannel distribution network widespread in Southern Europe
• ✓ Fresh F&V market resilient| Orsero Sales growth overperformed (+3,1% l-f-l growth avg. 2019/2017)
• ✓ Significant M&A track record in the last 4 years | Ongoing scouting for new M&A

BUSINESS MODEL

MARKET

PEOPLE

NUMBERS

17

Mid-long term strategy

18

ORSERO	The Group's strategy is to keep focusing on its core business, with particular regard to fresh fruit and vegetables, strengthening its competitive position in southern Europe, while maintaining a solid financial and asset structure.
IMPORT & DISTRIBUTION SEGMENT	In the coming years, the Import & Distribution BU revenue growth drivers will be: - organic growth, which in turn is based on some development guidelines: ‣ limited but steady increase of consumption of fresh Fruit and Vegetables, ‣ consolidation of the European distribution market, ‣ development of products with a greater level of "convenience"/ service such as fresh-cut fruit, portioned and prewashed fruit, exotic fruit and fresh smoothies. - growth by external lines: ‣ acquisitions in the distribution sector; ‣ investment in companies specialized in market segments or high potential product lines - reduction of the dependence on bananas, by increasing the weight of the other products. - Import, to maintain the current position in green banana and pineapples, ‣ search for attractive partnerships with growers ‣ monitoring of EUR/USD exchange rate; Medium-long term: increase from ~1% to ~10% the share of distribution sales from all new and added-value product families
SHIPPING	Shipping, to preserve the value of the ship and trying to mitigate the exposure to the operational risks of this activity: - execution of the mandatory maintenance cycles (Dry-dock), - Reduction of fuel consumption, - BAF Clause (freight rate adjustment on fluctuation of fuel costs) IMO – MARPOL 2020(*), is effective from 1 Jan. 2020: - the Group's refer vessels are burning bunker fuel compliant with new regulations (i.e. Sulphur content <0,5%)

(*) Environmental regulation promoted by the IMO to curb Sulphur emission, further information to the link:http://www.imo.org/en/mediacentre/hottopics/pages/sulphur-2020.aspx

APPENDIX

NEW BUSINESS SEGMENTS 2020 - Details

Business Unit reshuffle implemented since 1/1/2020:

• Ex Distribution: also the companies active in the import of bananas and pineapples (especially Simba) join the BU and it will be renamed "Import and Distribution"
• Ex Import & Shipping: as a consequence of the above described reallocation, the BU is renamed "Shipping", being now concentrated exclusively on ship owning, serving the Group and third parties (approx. 50% -50%)
• Services: unchanged, except for the divestiture from a small company in the container maintenance business (VCS).

This reorganization reflects the increasing interconnection between the banana and pineapple import business and the distribution business: 85% of the revenues relating to this business are developed through the Group's distribution network; in addition.

The new business segmentation will bring a simplification in the understanding of the BU data, reducing the amount of intra-segment revenues originated in the past from Simba and, thus, the elimination among Group's different BU's.

• The sector is made up essentially of Cosiarma (ship owning company) and its subsidiary in Costa Rica.
• It mainly deals with the reefer maritime transport of bananas and pineapples between Central-South America and South Europe (mainly carried out with owned ships), as well as some marginal activities such as the transport of dry containers and the management of a container park for third parties .
• The shipping business is ancillary to the importation of bananas and pineapples. ~ 50% of transported volume, while the remaining space is sold to 3rd parties.

SHIPPING IMPORT & DISTRIBUTION SERVICE

• Under this BU are gathered the companies operating in the import and distribution of wide range of imported and local fresh produce through a distinctive geographical presence in Southern – EU.
• The distribution network consists of more than 20 ripening centres, logistic platforms for cool storage and re-packing of fruit and veg, along with 5 fresh cut processing facilities and several sales outlets in wholesale markets.
• The group is also directly present in the export of avocados from Mexico by means of a small farm and of an important packing house.
• The Import of banana and pineapple is the main integrated supply-chain within the Group, providing 52 weeks a year the distributing companies thanks to a network of long-term relationships with main independent producers in Central-South America.

• the Service segment is residual and comprises the parent company Orsero (strategic coordination and promotion/marketing of "F.lli Orsero" brand) and some companies engaged in providing ancillary services (ICT and Customs clearance).

20

Condensed Company structure

OLD BUSINESS SEGMENTS UP 31.12.2019 NEW BUSINESS SEGMENTS

ORSERO SPA

ORSERO SPA

• Semplification effective from 1 Jul. 2020 : Fruttital Cagliari merged into Fruttital; Sevimpor merged into Hermanos Fernández López .
• The company structure will be further streamlined through the merger of Fruttital Firenze into Fruttital (2021).
• Orsero announced on 29 July 2020 the acquisition of remaining 50% of Moncada Frutta, the company enters the consolidation scope (line-by-line consolidation) from July 2020 onwards.

Note: This slide is an illustrative and simplified company structure showing only the main operating subsidiaries/associates/joint ventures of Orsero Group. If not otherwise specified the companies are intended as wholly owned by the Group.

• (1) Acquisition of 100% in Jan. 2019. Line-by-Line consolidation from 1 Jan 2019.
• (2) Acquisition of 100% in Mar. 2019. Line-by-Line consolidation from 1 April 2019.
• (3) Acquisition of 75% in Jul. 2019 (25% already owned by the Group). Line-by-Line consolidation from 1 July 2019.

MAIN 2020 TRANSACTIONS

PURCHASE OF 4

INDUSTRIAL PROPERTIES IN

ITALY

22

PROPERTIES DESCRIPTION:

• The 4 buildings have a total area of ~ 34,200 m2 and are already deployed as logistic platform by Fruttital, the main distributing company of Orsero Group, under a lease agreement (stipulated in 2015 and expiring in 2035) at an annual rent of 2.1 M€.

TRANSACTION CONDITIONS

• The selling party is Nuova Beni Immobiliari S.r.l., is a related party of Orsero(*);
• Purchase price equal to ~ 18 M€ was paid at the sign off in January 2020 and financed by 15 M€ of 10-Y mortgage loan and, for the remainder, by Group's own resources.

MAIN IMPACT

• The NFP including the effect of IFRS 16 will decrease by abt. 10 M€ due to the difference between the "right of use" value of the properties (equal to approx. 27.5 M€) and the consideration paid (~ 18M€) .
• Adjusted Ebitda excl. IFRS16 will increase by 2,1 M€ but is neutral in respect to the Adjusted Ebitda including IFRS 16.
• Over the period 2020-2035 the overall benefit on Net Results will be on average abt. 1 M€/year.

TARGET DESCRIPTION:

• Moncada Frutta SRL, based in Ispica/Ragusa (Italy), is active in banana ripening and distribution of fresh fruit and vegetables in Sicily.
• 1 logistic platform of a abt. 1.800 m2, equipped with ripening rooms , cool storages and a packing area;
• Total sales FY 2019 abt.16,8 M€, with an Adjusted EBITDA of 0,7 M€ and substantially neutral NFP.

TRANSACTION CONDITIONS:

• MONCADA FRUTTA
• Acquisition of remaining 50% of the share capital, since 2011 Orsero already held a 50% stake therefore Moncada Frutta is fully owned and consolidated line-by-line from July 2020;
• The consideration for the acquisition is mixed in Orsero's share and in cash :
• ‣ a fixed component of 176.825 Orsero shares, equal to 1.0% of Orsero's share capital, assigned on the execution date;
• ‣ a variable and deferred component of maximum 0,5 M€ , to be paid in 3 equal annual instalments subject to the fact that in the reference financial statements of Moncada Frutta there is a profit distributable to shareholders (the financial statements may also be related to non-consecutive years as long as not after the 2029).

(*) Given the size of the transaction, it is qualified as a "transaction of greater importance with related parties". In this respect, an information document pursuant to art. 5 of Consob Regulation no. 17221/2010 is available to the public on the corporate website (www.orserogroup.it).

Consolidated Income Statement

Amounts in €/000	9M 2020 Excl. IFRS 16*	%	IFRS 16 Effect	9M 2020 Reported	%	9M 2019 Reported	%	Reported 31/12/2019	%	Reported 31/12/2018	%
Net sales	788.709 100,0%		-	788.709 100,0%		748.252 100,0%		1.005.718 100,0%		952.756	100,0%
- cost of goods sold	(720.971)	-91,4%		442 (720.529)	-91,4%	(689.735)	-92,2%	(927.927)	-92,3%	(874.801)	-91,8%
Gross Profit	67.738	8,6%	442	68.180	8,6%	58.517	7,8%	77.792	7,7%	77.956	8,2%
- overheads	(49.721)	-6,3%		74 (49.647)	-6,3%	(50.833)	-6,8%	(67.693)	-6,7%	(67.016)	-7,0%
- other income and expenses	(1.614)	-0,2%	133	(1.481)	-0,2%	(1.905)	-0,3%	(1.720)	-0,2%	412	0,0%
Operating Result (Ebit)	16.403	2,1%	649	17.052	2,2%	5.780	0,8%	8.378	0,8%	11.352	1,2%
- net financial items and exch. rate	(1.519)	-0,2%	(754)	(2.273)	-0,3%	(3.298)	-0,4%	(4.623)	-0,5%	(2.461)	-0,3%
- net result from equity investments	813	0,1%		813	0,1%	835	0,1%	959	0,1%	1.163	0,1%
- Share of net profit of associated/JV	633	0,1%	-	633	0,1%	(60)	0,0%	751	0,1%	1.187	0,1%
Profit before tax	16.329	2,1%	(106)	16.224	2,1%	3.257	0,4%	5.465	0,5%	11.241	1,2%
- tax expenses	(4.307)	-0,5%	-	(4.307)	-0,5%	(2.380)	-0,3%	(3.201)	-0,3%	(3.239)	-0,3%
Net profit	12.022	1,5%	(106)	11.916	1,5%	877	0,1%	2.264	0,2%	8.002	0,8%
INCOME STATEMENT ADJUSTMENTS:
ADJUSTED EBITDA	33.210	4,2%	6.028	39.238	5,0%	28.242	3,8%	38.706	3,8%	32.857	3,4%
D&A	(12.649)	-1,6%	(5.379)	(18.028)	-2,3%	(17.225)	-2,3%	(23.707)	-2,4%	(13.673)	-1,4%
Provisions	(1.068)	-0,1%	-	(1.068)	-0,1%	(1.440)	-0,2%	(2.046)	-0,2%	(1.706)	-0,2%
LTI Plan	-	0,0%	-	-	0,0%	-	0,0%	-	0,0%	(2.142)	-0,2%
Non recurring Income	80	0,0%	-	(*) 80	0,0%	636	0,1%	820	0,1%	279	0,0%
Non recurring Expenses	(3.170)	-0,4%	-	(3.170)	-0,4%	(4.433)	-0,6%	(5.395)	-0,5%	(4.263)	-0,4%
Operating Result (Ebit)	16.403	2,1%	649	17.052	2,2%	5.780	0,8%	8.378	0,8%	11.352	1,2%

(*) Data excluding the effect of IFRS 16 adoption, consisting chiefly in the recognition of incremental Adjusted Ebitda of abt. 6 M€ in 9M 2020 and abt. 7 M€ in 9M 2019 and incremental NFP of 29,5 M€ in 9M 2020 and 60 M€ in FY 2019

Consolidated Statement of Financial Position

Amounts in €/000	9M 2020 No IFRS 16	IFRS 16 Effect	9M 2020 Reported	31/12/2019 Reported
- goodwill	48.426	-	48.426	46.828
- other intangible assets	5.995	-	5.995	5.145
- tangible assets	138.274	29.008	167.282	181.722
- financial assets	6.653	-	6.653	8.117
- other fixed assets	5.171	-	5.171	5.401
- deferred tax assets	7.956	-	7.956	9.122
Non-Current Assets	212.475	29.008	241.483	256.336
- inventories	39.940	-	39.940	36.634
- trade receivables	142.377	-	142.377	121.439
- current tax receivables	14.645	-	14.645	16.971
- other current asset	15.172	-	15.172	11.066
- cash and cash equivalent	45.843	-	45.843	56.562
Current Assets	257.977	-	257.977	242.672
Assets held for sale	-	-	-	-
TOTAL ASSETS	470.453	29.008	499.461	499.008

Amounts in €/000	9M 2020 No IFRS 16	IFRS 16 Effect	9M 2020 Reported	31/12/2019 Reported
- share capital	69.163	-	69.163	69.163
- reserves	79.410	(372)	79.038	79.036
- net result	11.911	(103)	11.808	2.022
Group Equity	160.484	(475)	160.008	150.221
Non-Controlling Interest	603	(6)	597	710
TOTAL SHAREHOLDERS' EQUITY	161.087	(481)	160.605	150.931
- non-current financial liabilities	88.540	23.056	111.596	131.583
- other non-current liabilities	254	-	254	349
- deferred tax liabilities	5.097	-	5.097	5.216
- provisions for risks and charges	4.720	-	4.720	4.345
- employees benefits liabilities	9.413	-	9.413	9.422
NON-CURRENT LIABILITIES	108.024	23.056	131.080	150.915
- current financial liabilities	42.507	6.433	48.940	51.897
- trade payables	135.288	-	135.288	127.523
- current tax and social security liabilities	8.428	-	8.428	6.400
- other current liabilities	15.119	-	15.119	11.343
CURRENT LIABILITIES	201.342	6.433	207.775	197.162
Liabilities held for sale	-		-	-
TOTAL LIABILITIES AND EQUITY	470.453	29.008	499.461	499.008

DEFINITIONS & Symbols

• Y.o.y. = year on year,
• Abt. = about
• Adjusted ebitda = Earning Before Interests Tax, Depreciation and Amortization excluding non-recurring items and figurative costs related to LT incentives
• AGM = Annual General Meeting
• Approx. = Approximatively
• BAF = Bunker Adjustment Factor
• BC = Business Combination
• BoD = Board of Directors
• Bps. = basis points
• BU = Business Unit
• D&A = Depreciations and Amortizations
• EBIT = Earnings Before Interests Tax
• EBITDA = Earnings Before Interests Tax Depreciations and Amortizations
• Excl.= exuding
• F&V = Fruit & Vegetables
• FTE = Full Time Equivalent
• FY = Full Year
• 9M = first half (i.e. period 1/1/2019 30/6/2019)

• H2= second half (i.e. period 1/7/2019-31/12/2019

• I/co = Intercompany

• LFL = Like for like
• LTI = Long- Term Incentive
• M&A = Merger and Acquisition
• MLT = Medium Long Term
• MTM = Mark to market
• NFP = Net Financial Position, if positive is meant debt
• NS = Not significant
• PBT = Profit Before tax
• Plt. = Pallet
• PY = previous year or prior year
• SPAC = Special Purpose Acquisition Company
• TTM = Trailing 12 months
• YTD = Year to date
• 9M = First nine months (e.g. YTD September)
• M = million
• K = thousands
• € = EURO
• , (comma) = separator of decimal digits
• . (full stop) = separator of thousands

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